THIS AS WE AWAIT THE CONSUMER
PRICE INDEX OUT IN LESS THAN AN
HOUR.
JOINING US NOW, GEORGIA
CONGRESSMAN, GOP DOCTORS’ CAUCUS
MEMBER, EARL BUDDY CARTER.
IT’S GOOD TO SEE YOU.
>> IT’S ALWAYS GOOD TO SEE YOU,
MARIA.
MARIA: A LOT OF ECONOMISTS ARE
EXPECTING A PULLDOWN FROM WHAT
WE SAW IN MARCH, FROM THIS
REPORT.
WE ARE GOING TO LIKELY SEE
INFLATION COME DOWN A BIT
BECAUSE GASOLINE PRICES CAME OFF
OF THE HIGHS IN THE MONTH OF
APRIL.
ASSESS THE SITUATION.
DO YOU THINK PERHAPS TODAY COULD
BE THE BEGINNING OF INFLATION
COMING DOWN, BACK DOWN-TO-EARTH?
>> BACK DOWN TO EARTH, NO.
MAYBE IT DOES COME DOWN JUST A
LITTLE BIT AS YOU INDICATE BUT
NO, IT’S NOT GOING TO COME
BACKDOWN TO EARTH.
THIS IS A RESULT OF POLICIES,
IT’S A RESULT THAT INFLATION,
JOE BIDEN IS GOING TO TRY TO
DEFLECT ALL HE WANTS, HE CAN
BLAME THE PANDEMIC, HE CAN BLAME
BIG OIL, HE CAN BLAME WHATEVER
HE WANTS TO BLAME.
BUT THE TRUTH IS, IS THAT WHEN
HE TOOK OFFICE INFLATION WAS AT
1.7%.
IT HAS GONE UP EVERY MONTH SINCE
HE HE’S BEEN IN OFFICE TO A 40
YEAR RECORD HIGH NOW OF 8
AND-A-HALF PERCENT.
LISTEN, ELECTIONS HAVE
CONSEQUENCES AND POLICIES HAVE
CONSEQUENCES AND WE ARE
SUFFERING THE CONSEQUENCES NOW
OF THE BIDEN ADMINISTRATION.
MARIA: I WAS SURPRISED THAT THE
PRESIDENT DID NOT OFFER ANY NEW
IDEAS YESTERDAY.
HE CAME, HE SAID LOOK, I WANT
YOU TO KNOW I’M SERIOUS ABOUT
INFLATION.
LEE WAS COMMENTING THAT THE
BACKGROUND WAS LIKE LOWERING
COST, TAKING ON INFLATION, ALL
THE HEADLINE ONE-LINERS BEHIND
HIM IN THE BACKGROUND AND YET HE
PUSHED HIS BUILD BACK BETTER
AGENDA AGAIN.
ISN’T THAT HOW WE GOT HERE.
>> EXACTLY.
HOW WE GOT HERE, THE AMERICAN
RESCUE PLAN WAS PASSED EARLIER
THIS YEAR.
IT’S ESTIMATED THAT THAT ADDED 4
PERCENTAGE POINTS TO THE
INFLATION RATE, JUST BY ITSELF.
AND THAT’S WHY I’VE INTRODUCED
LEGISLATION TODAY, THE PAID ACT,
WHICH WOULD TAKE $100 BILLION OF
UP SPENT AMERICAN RESCUE PLAN
MONEY AND PUT IT TOWARD OUR
DEBT.
OUR DEBT NOW AT $30 TRILLION.
LAST WEEK WHEN THE FED WENT UP
ON THE PERCENTAGE, HALF A
PERCENT ON THE INTEREST RATE, IN
THE STROKE OF A PEN THE INTEREST
ON OUR DEBT COSTS US
$29 BILLION, JUST AS A RESULT OF
GOING UP ON THE INTEREST RATE
HALF PERCENT.
MARIA: MAYA McGINNIS WAS HERE
FROM THE COMMITTEE FOR A
RESPONSIBLE BUDGET THE OTHER
DAY, TALKING ABOUT HOW THIS IS
GOING TO BECOME INCREASINGLY
WORSE AND WORSE, COUNSELING UP.
MEANWHILE, PENSIONS ARE TAKING A
HIT, NOT JUST FROM INFLATION BUT
FROM THE IMPACT ON THE STOCK
MARKET.
BECAUSE STOCKS AND BOND MARKETS
ARE DOWN, PENSIONS ARE DOWN 4%
IN THE FIRST QUARTER, RETIREMENT
PLANS FOR TEACHERS,
FIREFIGHTERS, OTHER PUBLIC
WORKERS RETURNING A MINUS 4% IN
THE QUARTER.
SO THIS IS BEING FELT BY
EVERYBODY.
WHAT DO YOU WANT TO DO AS AN
ELECTED OFFICIAL TO MAKE A
CHANGE?
>> WELL, OBVIOUSLY THE FIRST
THING WE NEED TO DO IS WE NEED
TO DO NO MORE HARM, NO MORE
SPENDING PACKAGES AND STOP THIS
RIDICULOUS IDEA ABOUT FORGIVING
STUDENT LOANS.
THAT’S THE FIRST THING WE NEED
TO DO.
THE SECOND THING WE NEED TO DO,
WE NEED TO ENCOURAGE PRIVATE
INNOVATION AND PRIVATE
DEVELOPMENT AND THE THIRD THING
WE NEED TO DO, WE NEED TO
BALANCE OUR BUDGET.
WE CANNOT CONTINUE ON THIS
TRACK.
IT’S SIMPLY NOT SUSTAINABLE.
WE’VE GOT TO BALANCE OUR BUDGET.
WE’RE IN THE MIDDLE OF ELECTION
SEASON RIGHT NOW.
EVERYONE RUNNING FOR OFFICE IS
RUNNING BY SAYING I WANT TO
BALANCE THE BUDGET, I WANT TO DO
SOMETHING WITH OUR DEBT AND WHAT
HAPPENS, WE GET TO WASHINGTON,
D.C. AND WE DON’T DO A DAGGONE
THING.
MARIA: PEOPLE DON’T WANT THINGS
TAKEN AWAY THAT WERE GIVEN TO
THEM LIKE MEDICARE, MEDICAID AND
SOCIAL SECURITY.
WE’LL BE WATCHING AND WE’LL GET
THE READING OUT IN ABOUT 45
MINUTES ON INFLATION.
WE’LL TALK SOON, CONGRESSMAN.
THANK YOU VERY MUCH FOR BEING